Topics of Financial Accounting and Reporting (FAR) Exam

The syllabus for the Financial Accounting and Reporting (FAR) part of the Certified Public Accountant (CPA) Exam can be found in the FAR exam dumps and is also listed below with detail of each area of concern and their topics:

Area 1 - Conceptual Framework, Standard-Setting and Financial Reporting (25-35%)

Objectives covered by this section:

• Conceptual framework and standard-setting for business and non-business entities
• Statement of comprehensive income
• Consolidated financial statements (including wholly-owned subsidiaries and noncontrolling interests)
• Statement of financial position
• Statement of cash flows
• Financial statements of employee benefit plans
• Special purpose frameworks
• Statement of changes in equity
• General-purpose financial statements: for-profit business entities
• Notes to financial statements
• Statement of activities
• General-purpose financial statements: nongovernmental, not-for-profit entities
• Public company reporting topics (U.S. SEC reporting requirements, earnings per share, and segment reporting)
• Income statement/ statement of profit or loss
• Going concerned
• Discontinued operations
• Balance sheet/ statement of financial position

Area 2 - Select Financial Statement Accounts (30-40%)

Objectives covered by this section:

• Payables and accrued liabilities
• Financial assets at fair value
• Trade receivables
• Inventory
• Financial assets at amortized cost
• Income taxes
• Equity
• Stock compensation (share-based payments)
• Long-term debt (financial liabilities)
• Debt covenant compliance
• Cash and cash equivalents
• Property, plant, and equipment
• Compensated absences
• Notes and bonds payable
• Investments
• Revenue recognition
• Equity method investments
• Retirement benefits
• Intangible assets - goodwill and other

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

• Software costs
• Accounting changes and error corrections
• Fair value measurements
• Business combinations
• Foreign currency transactions and translation
• Differences between IFRS and U.S. GAAP
• Contingencies and commitments
• Nonreciprocal transfers
• Leases
• Research and development costs
• Derivatives and hedge accounting (e.g. swaps, options, forwards)
• Subsequent events

Area IV - State and Local Governments (5-15%)

Objectives covered by this section:

• Expenditures and expenses
• Budgetary accounting and encumbrances
• Financial reporting entity, including blended and discrete component units
• Fiduciary funds financial statements
• Nonexchange revenue transactions
• Deriving government-wide financial statements and reconciliation requirements
• State and local government concepts
• Interfund activity, including transfers
• Management's discussion and analysis
• Format and content of the financial section of the comprehensive annual financial report (CAFR)
• Government-wide financial statements
• Budgetary comparison reporting
• Governmental funds financial statements
• Notes to financial statements
• Fund balances and components thereof
• General and proprietary long-term liabilities
• Required supplementary information (RSI) other than management's discussion and analysis
• Capital assets and infrastructure assets
• Typical items and specific types of transactions and events: measurement, valuation, calculation, and presentation in governmental entity financial statements
• Special items
• Proprietary funds financial statement
• Other financing sources and uses
• Net position and components thereof

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What is the duration, language, and format of the Financial Accounting and Reporting (FAR) Exam

• Passing score: 75
• Language of Exam: English
• Duration of Exam: 4 hours
• Format: Multiple choice, Task-based simulations, research prompts

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How to book the Financial Accounting and Reporting (FAR) Exam

Follow the steps mentioned below to book the Financial Accounting and Reporting FAR exam test:

• Step 1: Determine your eligibility from the NASBA website by clicking here
• Step 2: Select a jurisdiction where you want to become a licensed CPA
• Step 3: Access the application by clicking here
• Step 4: Complete the application and submit all required documents
• Step 5: Schedule your exam by following this link

The benefit of obtaining the Financial Accounting and Reporting (FAR) Exam Certification

This qualification helps both new and seasoned accountants to test their qualifications, develop their abilities, and enhance their understanding of the overall discipline. Via their local state board, prospective applicants can learn more about the licensing process specifics and visit the NASBA website for information about the standardized CPA test. The growing demand for CPAs across the job market is motivated by many factors, so the trend is likely to continue soon. Accountants winning their FAR earn 10 percent more on average than non-FAR colleagues and have more chances to grow their careers. In job searching, being FAR certified can also be a big boon as it shows professional dedication and makes the candidate stand out from others. Among several other specialist fields, FAR certification demonstrates qualification for auditing, business strategy, bookkeeping, and forensic accounting. Becoming accredited opens the doors to hundreds of various career paths and is essential for foreign positions in particular.

Many accountants joining the profession are curious about the advantages of being Financial Accounting and Reporting (FAR) certified so that they can determine if the time and energy to undertake this achievement are worth devoting. The certification process may undoubtedly be rigorous and difficult, but for those employed in industry or finance, success offers some notable advantages. In the US, several states have their board that regulates the certification in their jurisdiction of public accountants.